SOCAR – Azerbaijan's Fossil Fuel Proxy

Azerbaijan’s state oil company, SOCAR, produced nearly 174 million barrels of oil equivalent (mmboe) in 2023 and spent at least 97 percent of its Capital Expenditure (CAPEX) on oil and gas. SOCAR’s CAPEX for exploration alone – the search for new sources of oil and gas – was almost $300 million between 2022-2024 on top of exploiting existing reserves. This underscores an alarming conflict of interest. SOCAR is a deeply political organization and the Azerbaijani President’s ties to the company are a major cause for concern.